On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings Bank with a deposit of $5,000. Ten days later, he deposited $2,000. Fourteen days later, he deposited $8,000. No other deposits or withdrawals were made. Six days later, the bank calculated the daily interest. a. How much simple interest did his money earn?

On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings Bank with a deposit of $5,000. Ten days later, he deposited $2,000. Fourteen days later, he deposited $8,000. No other deposits or withdrawals were made. Six days later, the bank calculated the daily interest. a. How much simple interest did his money earn?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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